Fort Thomas, Arizona Property Taxes
The median property tax rate in Fort Thomas, AZ is 0.50%, which is considerably lower than both the national median of 0.99% and the Arizona state median of 0.56%. With the median home value in Fort Thomas at $57,983, the typical annual property tax bill is around $290, significantly below the national median of $2,690. Property taxes in Fort Thomas are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Fort Thomas's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Fort Thomas or another part of the city, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fort Thomas, Arizona Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$290
$269
Ownwell’s FORT THOMAS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FORT THOMAS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FORT THOMAS to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Fort Thomas, Arizona
Property taxes in Fort Thomas, Arizona, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Thomas is 0.50%, notably lower than the U.S. national median of 0.99%. Local government entities within Fort Thomas set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Thomas estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Fort Thomas's effective property tax rate to other counties in Arizona and the national median. For comparison, the 85536 zip code has both the highest and lowest median property tax rate of 0.50%. Understanding how these areas compare with Fort Thomas provides valuable insights into the varying tax landscape across Graham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fort Thomas Tax Rate
0.50%
Average Graham County Tax Rate
0.57%
Average Arizona Tax Rate
0.56%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Thomas, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85536 | 0.32% | 0.39% | 0.50% | 0.59% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Fort Thomas, Arizona
In Fort Thomas, Arizona, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Graham County Assessor’s Office for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Fort Thomas, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Fort Thomas helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in this area is $57,983, with median tax bills ranging from $136 at the 25th percentile to $1,086 at the 90th percentile. The zip code 85536 has both the highest and lowest median tax bill at $290.
Average Fort Thomas Assessed Value
$57,983
Average Graham County Assessed Value
$149,866
Average Arizona Assessed Value
$302,154
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fort Thomas, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85536 | $16,056 | $25,343 | $57,983 | $130,010 | $233,966 |
Source: Ownwell
Property Tax Bills Across Fort Thomas, Arizona
In Fort Thomas, property tax bills are calculated by assessing the property's value and applying the local tax rate. The median home price in this area is $57,983. Homeowners in Fort Thomas can expect their tax bills to vary significantly based on the assessed value of their property and the specific tax rate applied by Graham County. For instance, the 25th percentile tax bill is $136, while the 75th percentile is $582, and the 90th percentile reaches $1,086. The factors considered in determining the tax bill include the property's assessed value and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Fort Thomas homeowners generally experience lower tax rates. This can make homeownership more affordable, but it's crucial for homeowners to stay informed about their property's assessed value and any changes in local tax rates to anticipate potential fluctuations in their tax bills.
Average Fort Thomas Tax Bill
$290
Average Graham County Tax Bill
$834
Average Arizona Tax Bill
$1,666
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Thomas, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85536 | $76 | $136 | $290 | $582 | $1,086 |
Source: Ownwell